Common use of RENEWAL LEASE TERMS Clause in Contracts

RENEWAL LEASE TERMS. (a) Not earlier than 42 months prior to, but not less than 18 months prior to, the expiration of the Basic Lease Term, so long as no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date any notice is given pursuant to this SECTION 15.1(A) and no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date the lease renewal proposed pursuant to this SECTION 15.1(A) is to commence, the Facility Lessee may deliver to the Owner Lessor a notice (which notice may be in addition to a notice of the Facility Lessee's interest in electing a FMV Renewal Lease Term under SECTION 15.2) of the Facility Lessee's interest in renewing this Facility Lease at the end of the Basic Lease Term for a term (the "FIRST RENEWAL TERM") selected by the Facility Lessee, which term shall satisfy the following criteria: (i) the aggregate of the proposed First Renewal Term and the Basic Lease Term shall be no greater than 75% of the estimated remaining economic useful life of the Facility as of the Closing Date, as determined in an appraisal to be conducted at such time and (ii) on the last date of such proposed First Renewal Term, the estimated Fair Market Sales Value of the Facility is expected to be no less than 20% of the Purchase Price (without taking into account inflation or deflation subsequent to the Closing Date as determined in an appraisal to be conducted at such time). Items (i) and (ii) of the immediately preceding sentence shall be determined by an Independent Appraiser selected by the Facility Lessee and reasonably acceptable to the Owner Lessor. The Facility Lessee shall pay all expenses and fees of such Independent Appraiser. The Facility Lessee may withdraw any notice given in accordance with this SECTION 15.1(A) by written notice of such withdrawal to the Owner Lessor, on or prior to the date which is 18 months before the commencement of the 36 proposed First Renewal Term.

RENEWAL LEASE TERMS. (a) Not earlier than 42 months prior to, but not less than 18 months prior 34 to, the expiration of the Basic Lease Term, so long as no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date any notice is given pursuant to this SECTION 15.1(A15.1(a) and no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date the lease renewal proposed pursuant to this SECTION 15.1(A15.1(a) is to commence, the Facility Lessee may deliver to the Owner Lessor a notice (which notice may be in addition to a notice of the Facility Lessee's interest in electing a FMV Renewal Lease Term under SECTION 15.2) of the Facility Lessee's interest in renewing this Facility Lease at the end of the Basic Lease Term for a term (the "FIRST RENEWAL TERM") selected by the Facility Lessee, which term shall satisfy the following criteria: (i) the aggregate of the proposed First Renewal Term and the Basic Lease Term shall be no greater than 75% of the estimated remaining economic useful life of the Facility as of the Closing Date, as determined in an appraisal to be conducted at such time and (ii) on the last date of such proposed First Renewal Term, the estimated Fair Market Sales Value of the Facility is expected to be no less than 20% of the Purchase Price (without taking into account inflation or deflation subsequent to the Closing Date as determined in an appraisal to be conducted at such time). Items (i) and (ii) of the immediately preceding sentence shall be determined by an Independent Appraiser selected by the Facility Lessee and reasonably acceptable to the Owner Lessor. The Facility Lessee shall pay all expenses and fees of such Independent Appraiser. The Facility Lessee may withdraw any notice given in accordance with this SECTION 15.1(A15.1(a) by written notice of such withdrawal to the Owner Lessor, on or prior to the date which is 18 months before the commencement of the 36 proposed First Renewal Term.

RENEWAL LEASE TERMS. (a) Not earlier So long as the Lease has not been terminated under SECTION 12.1 thereof, Lessee may, not less than 42 months 360 days prior toto the Lease Expiration Date, provide written notice (the "RENEWAL NOTICE") to Lessor, the Agent and Guarantor of its election to renew the Lease (the "RENEWAL LEASE") with respect to all of the Leased Equipment for an additional term of five (5) years commencing on the last day of the Lease Term (the "RENEWAL TERM"). In the event Lessee elects such Renewal Term, Lessee shall have a ninety (90) day period after such election to agree with the Financing Parties upon the terms of the Renewal Lease (including, but not less than 18 months prior limited to, (i) the expiration interest rates on the Notes and the Yield Rate for the Certifi- xxxxx, which interest rates and Yield Rate shall be determined in the individual sole discretion of the Basic Lease TermFinancing Parties and shall be based upon the then-current market conditions and the then-current credit ratings of Lessee and Guarantor, so long (ii) the Renewal Rent, which shall be sufficient to enable Lessor to pay interest and principal and Yield due and owing on the Notes and the Certificates, as no Material Lease Default or Lease Event applicable, and (iii) the adjusted amount of Default the Residual Deficiency Payment, which shall be determined by the Financing Parties in their individual sole discretion) and to satisfy the following conditions: (x) each Financing Party shall have occurred received the End of Term Appraisal satisfactory in form and substance to each Financing Party in its individual sole discretion, (y) the Guaranty shall be continuing on acceptable to the date any notice is given Financing Parties in their individual sole discretion and (z) the Renewal Lease shall qualify as an "operating lease" for Lessee in accordance with GAAP. The parties hereto agree to cooperate in good faith to amend the Basic Documents, as may be necessary, to reflect the agreed terms relating to the Renewal Lease and other amendments as are necessary as a result of a Lease renewal pursuant to this SECTION 15.1(A) and no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date the lease renewal proposed pursuant to this SECTION 15.1(A) is to commence, the Facility Lessee may deliver to the Owner Lessor a notice (which notice may be in addition to a notice of the Facility Lessee's interest in electing a FMV Renewal Lease Term under SECTION 15.2) of the Facility Lessee's interest in renewing this Facility Lease at the end of the Basic Lease Term for a term (the "FIRST RENEWAL TERM") selected by the Facility Lessee, which term shall satisfy the following criteria: (i) the aggregate of the proposed First Renewal Term and the Basic Lease Term shall be no greater than 75% of the estimated remaining economic useful life of the Facility as of the Closing Date, as determined in an appraisal to be conducted at such time and (ii) on the last date of such proposed First Renewal Term, the estimated Fair Market Sales Value of the Facility is expected to be no less than 20% of the Purchase Price (without taking into account inflation or deflation subsequent to the Closing Date as determined in an appraisal to be conducted at such time7.1(a). Items (i) and (ii) of the immediately preceding sentence shall be determined by an Independent Appraiser selected by the Facility Lessee and reasonably acceptable to the Owner Lessor. The Facility Lessee shall pay all expenses and fees of such Independent Appraiser. The Facility Lessee may withdraw any notice given in accordance with this SECTION 15.1(A) by written notice of such withdrawal to the Owner Lessor, on or prior to the date which is 18 months before the commencement of the 36 proposed First Renewal Term.

RENEWAL LEASE TERMS. (a) Not earlier than 42 months prior to, but not less than 18 months prior to, the expiration of the Basic Lease Term, so long as no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date any notice is given pursuant to this SECTION 15.1(A) and Section 15.1(a)and no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date the lease renewal proposed pursuant to this SECTION 15.1(ASection 15.1(a) is to commence, the Facility Lessee may deliver to the Owner Lessor a notice (which notice may be in addition to a notice of the Facility Lessee's interest in electing a FMV Renewal Lease Term under SECTION Section 15.2) of the Facility Lessee's interest in renewing this Facility Lease at the end of the Basic Lease Term for a term (the "FIRST RENEWAL TERMFirst Renewal Term") selected by the Facility Lessee, which term shall satisfy the following criteria: (i) the aggregate of the proposed First Renewal Term and the Basic Lease Term shall be no greater than 75% of the estimated remaining economic useful life of the Facility as of the Closing Date, as determined in an appraisal to be conducted at such time and (ii) on the last date of such proposed First Renewal Term, the estimated Fair Market Sales Value of the Facility is expected to be no less than 20% of the Purchase Price (without taking into account inflation or deflation subsequent to the Closing Date as determined in an appraisal to be conducted at such time). Items (i) and (ii) of the immediately preceding sentence shall be determined by an Independent Appraiser selected by the Facility Lessee and reasonably acceptable to the Owner Lessor. The Facility Lessee shall pay all expenses and fees of such Independent Appraiser. The Facility Lessee may withdraw any notice given in accordance with this SECTION 15.1(ASection 15.1(a) by written notice of such withdrawal to the Owner Lessor, on or prior to the date which is 18 months before the commencement of the 36 proposed First Renewal Term.